Bombay Stock Exchange's Transformation into High-Margin Utility

The Bombay Stock Exchange (BSE) has changed a lot over the years.

It used to be seen as old and not very important, but now it's making a lot of money.

It makes over ₹1,807 crore in profits every year and has very high operating margins of 56%.

This happened because more people started investing in the stock market, especially after 2020.

BSE didn't change much itself; instead, the market grew around it.

It has a lot of registered investors and handles huge amounts of money in derivatives.

BSE makes money from every trade and from companies listing on its platform.

It's now seen as a very important part of the market, and its stock price has gone up a lot.

However, it still has some risks, like changes in fees and competition.

Overall, BSE is now a strong and stable business, but it needs to keep being careful with its money and stay important in the market.